Tasmea (TEA) H2 2025 earnings summary

Executive summary

• Achieved record statutory revenue of $547.9 million (up 37%) and pro-forma revenue of $620.8 million (up 52%), with strong organic and acquisition-driven growth.

• Statutory NPAT reached $53.1 million (up 74%), with pro-forma NPAT at $62.5 million (up 69%), exceeding guidance.

• Record order book of $600 million, up 29–30% year-over-year, supporting a strong FY26 outlook.

• High recurring revenue base, with approximately 94% of FY25 revenue from repeat customers and over 70 MSAs/FMAs.

• Strong structural tailwinds from electrification, remote work, and aged fixed plant maintenance.

Financial highlights

• Statutory EBIT for FY25 was $74.4 million (up 60%), with pro-forma EBIT at $93.2 million (up 70%).

• EBIT margin improved to 13.6% (statutory) and 15.0% (pro-forma), double the peer average.

• Statutory EPS rose 53% to 23.2cps; dividends per share up 53%, with total FY25 dividends of 23.0cps including a special dividend.

• Free cash flow for FY25 was $25 million; operating cash flow reached $65.2 million.

• Maintained high cash conversion rates, averaging 101% EBIT to operating cash flow over five years.

Outlook and guidance

• FY26 guidance reaffirmed: $110 million EBIT and $70 million NPAT, up 32% on FY25.

• Record $600 million secured and recurring revenue entering FY26, providing strong earnings visibility.

• Continued focus on organic growth, programmatic acquisitions, and capital management.

• Targeting ASX 300 entry in March next year, with EBIT goal of $110 million achieved one year early.

• Aspirational EBIT targets of $135 million and $160 million for subsequent years.